MIAMI—The Mile at Coral Gables has won the confidence of investors. Grandbridge Real Estate Capital closed a $24.5 million first mortgage loan for the developer, The Mile at Coral Gables LLC, a joint venture between New York-based Greystone, Alta Developer, and Strategic Properties.
Grandbridge senior vice president Phil Carroll originated the transaction. Grandbridge tapped its banking relationships to secure the three-year interest-only loan but kept the lender's name confidential.
“The Mile at Coral Gables' proximity to downtown and the airport is a key reason why the location is so attractive for a growing influx of sophisticated residents,” says Carroll. “This project fits with the area's increasing demand for housing within walking distance of shopping, restaurants and cultural attractions.”
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